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Modi is evaluating the purchase of a 4-unit apartment building near Lehman College, with an estimated NOI of $30,000. A broker just advised him that

Modi is evaluating the purchase of a 4-unit apartment building near Lehman College, with an estimated NOI of $30,000. A broker just advised him that buildings in the area sell for 4% cap rates. Modi would like to submit an offer for the building based on the cap rate provided by the broker. Using the Income Approach, what is Modis offer price

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